Essentially the equitable defences of acquiescence and laches involve a loss of time and substantial delay in asserting the right being claimed of. Either of the defences will only apply if:- i. there is evidence of an agreement by the plaintiff to give up or release his right; ii. the delay to enforce the right has resulted in the destruction or loss of evidence by which the claim might be rebutted; iii. the claim is to a business for the plaintiff for which he should not be allowed to adopt the attitude of wait and see the business if it would prosper; iv. the plaintiff has not done any thing as to induce the defendant to alter his position on the reasonable belief that the claim has been released or abandoned.
– Wali JSC. Kayode v. Odutola (2001)